Produce Investments acquired by Promethean Investments

19-11-2018

On November 19th 2018, our client, Produce Investments plc (“PI”) , announced that the offer made for it by Promethean Investments had been declared unconditional in all respects.

Promethean Investments, a private equity firm specialising in early venture and lower middle market PIPE investments, through one of its subsidiaries, has agreed to pay 193.0 pence per each PI share in cash, valuing the entire issued share capital of PI at approximately £53m and the fully diluted share capital at £55.3m representing a premium of 35.44% to the closing price of 142.50 pence per share on September 10th 2018.

Stamford Partners provided valuation advice to the board of directors of PI in evaluating the offer received.

Founded in 2005 and listed on the AIM in November 2010, PI grows, sources, packs and markets fresh and processed potatoes and daffodils bulbs and flowers to the retail, foodservice, wholesale and trading channels primarily in the UK and internationally.

For the year ended 30 June 2017, Produce Investments generated revenue of £200m, up 8% from £185m for the comparative period in 2016.

Produce Investments Promethean Investments